Does solar actually save you money?

Will Going Solar Save You Money?

The short answer is yes, but unfortunately, it’s not that simple! While you will undoubtedly save money by unshackling yourself from energy companies and harnessing your own energy. How much you save and when you get your return on investment depends on several factors.

In this article, we’ll be exploring those factors so that you’re perfectly informed to make the best decision for your home.

How much your bills cost

The main costs for going solar are the installation and system purchases.

As a general rule, the higher your bills, the more money you stand to save each month. Ideally, your solar panels would completely offset your energy consumption each month. However, even if that’s not the case, you’ll still be able to reduce your bills as you won’t need as much energy from the grid!

Your roof and your climate

Since it’s a solar panel we’re talking about here, the amount of sun that hits your roof will directly correlate to how much money you’ll save. To maximise your return, having a large roof to harness every last spectrum of light will help.

These two factors can save you money via the net metering system. Any surplus of energy your solar system produces can be returned to the grid. If you have a good deal with your energy supplier, you’ll be fairly compensated, thus saving you even more money.

While it’s true solar panels love sunlight, you’ll be glad to hear that you don’t need to live in the sunny south to benefit from solar. Contrary to popular belief, the states with the most solar panels installed are notoriously cold. These include Massachusetts and New York. Why? Because these states tend to have better government incentives due to higher energy costs.

Prices of Solar Panels

On average, installation and product payment have a combined cost of $15,000 to $25,000. Although, prices can be a lot higher depending on how many panels you want to install and the features you’d like to include with them.

The great thing about solar panels is that they hardly require maintenance. The good ones can easily last upwards of 2 decades! (with little change to the amount of electricity produced!)

And for the best prices, it’s best to pick smaller solar companies like us! The recent U.S. Government report found that smaller solar companies ( such as Cransten 😉 ) are $2,000 to $5,000 cheaper than large installers.

Even better, at Cransten, we take pride ourselves in our bespoke solar approach. We look at all the solutions possible to give you the best recommendations for reducing your energy bills based on your unique needs.

We also have the best financing partners within the industry to help you get the best deal possible. Many of our customers have been able to purchase and install high-quality solar panels from us quickly and with $0 out of pocket!

Types of Incentives Available

The government offers homeowners significant solar incentives. For example, a residential federal tax credit allows taxpayers to claim 22% of installation costs for systems placed in service by Dec. 31, 2021. You’ll have to do more research as many of the incentives vary by state. You’ll have to do it quickly, though, as more people opt-in, these incentives will gradually go away, and it won’t pay to wait for too long!

The big advantage of going solar

According to recent solar research by Zillow, they found solar panels can potentially increase the home’s value by 4.1% more than comparable homes with no solar panels. This was after controlling for local market dynamics, and the time of year the house was sold! This translates to about $9,274 of additional income for the median-valued home in the U.S. The value added by solar panels can go as high as 9.9% in some states – which translates to $32,281 of added value!

Why you may not save as much money going solar:

While in the long run, you’ll always save money going solar, thanks to fixed loan payments for the entire duration. And once paid, there are no additional costs; you’re free!

Unfortunately, the opposite is true with conventional energy companies. Prices are constantly increasing each year, and the bill never ends! Various other factors mean you may not be able to save as much money as you could.

The first reason is your roof’s area or anything that reduces it, such as trees in the way etc. If it’s too small, there will be less room for energy-generating panels.

Another factor is if your home’s energy consumption is too high to be compensated by the solar panels alone. However, even in that case, you’ll still reduce your costs.

Lastly, you may not be able to save as much money if you have an unfriendly net metering program with your energy supplier.

At Cransten, we help our customers transition to solar energy super easy and smooth. We’ve helped hundreds of other American homeowners, so we can definitely help you too.

We pride ourselves on always going a step further. Most companies will help you reduce your energy costs. Not only do we do that, we also help you get rid of your energy bills entirely, allowing you to experience true freedom.

If you’re considering going solar, then give us a call for a free consultation!